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Advice for a teacher please
pete575
Posts: 1 Newbie
Ive just turned 50 and have paid for 25 years into the Teachers Occupational Pension Scheme. I may be advised not to but is it possible to draw 25% of the fund now and carry on working as a teacher and carry on paying my 6.4% monthly contribution from salary. I have some crippling credit card debts and I feel I would like to ease the pain a bit now. Any comments welcome
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I may be advised not to but is it possible to draw 25% of the fund now and carry on working as a teacher and carry on paying my 6.4% monthly contribution from salary.
No. To do this would mean commencing your pension. To do this within the scheme you would require trustee permission at age 50. You would pay a significant penalty if they allow it. If they didnt allow you you could transfer to a personal pension or SIPP. Either way it means leaving the scheme.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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